SCHEDULES
SCHEDULE 3

Provision for certain pre-commencement societies

Maximum shareholding (section 24): effect of certain resolutions on society's rules
6
1
This paragraph applies to a resolution of a society's committee that, immediately before this Act comes into force, has effect by virtue of any of the following—
- section 6(2) or (3) of the 1965 Act,
- section 1(2) of the 1975 Act,
- article 4(1) of the Industrial and Provident Societies (Increase in Shareholding Limit) Order 1981 (SI 1981/395),
- article 4(1) of the Industrial and Provident Societies (Increase in Shareholding Limit) Order 1994 (SI 1994/341).
(The effect of such a resolution is to increase the limit on members' shareholdings, contained in a society's rules.)
2
The society's rules continue to have effect subject to the resolution.
3
The society's committee may not vary or revoke the resolution.
4
But if any amendment of the society's rules is registered, the rules have effect as if the resolution had not been passed.